Question 1

. White's Photography received an e-invoice from Fuji Canada dated February 27 of a leap year. The amount of the invoice is $2896.77 with terms  , 1/30, n/60.
a) What is the last date on which White's is eligible for the 2  % discount?
b) What amount will be required on that date to settle the invoice?
c) Instead of the payment in (b), what amount must be paid on March 29 to settle the invoice?

Accepted Answer

The answer of . White's Photography received an e-invoice from...

Question 2

An invoice for $2365.00 has terms 2/10, n30. The amount credited on a payment made within the discount period was $1365.00. What was the amount of the payment?

Accepted Answer

The answer of An invoice for $2365.00 has terms 2/10,...

Question 3

The terms of payment on an invoice for $2835.49 are 2/15, n45. The balance owed after a payment within the discount period is $1135.49. What was the amount of the payment?

Accepted Answer

The answer of The terms of payment on an invoice...

Question 4

On June 3, Josh made a payment of $500 on an invoice for $1283.50, dated May 25. The terms of payment were 3/10, n30. What amount was credited to Josh's account?

Accepted Answer

The answer of On June 3, Josh made a payment...

Question 5

An invoice for $3868, dated June 26, had terms 2/10, 1/20, n45. What amount was credited for:
a. A payment of $1000 on July 5?
b. A payment of $1000 on July 16?
c. A payment of $1000 on August 10?

Accepted Answer

The answer of An invoice for $3868, dated June 26,...

Question 6

Mayfair Distributors sent Bed 'n Bath an invoice dated December 23 for $5344.90 with terms 2/10, 1/20, n/30. The penalty on overdue accounts is 1 % of the overdue balance.
a) What is the balance after a payment of $3000 on January 3?
b) What additional payment on January 30 will settle the account?

Accepted Answer

The answer of Mayfair Distributors sent Bed 'n Bath an...

Question 7

Payments of $1000 on January 5 and $800 on January 16 were made on a $2500 invoice dated December 27. The terms on the invoice were 4/10, 2/20, n/45. What was the balance owed after the second payment?

Accepted Answer

The answer of Payments of $1000 on January 5 and...

Question 8

On March 25, Hannah received an invoice in the mail from Carpet Country for $4235. The invoiced was dated March 22 and had terms 3/15, 1½ /30, n/60. If she made payments of $1000 on each of April 2, April 9, and April 22, how much did Hannah still owe?

Accepted Answer

The answer of On March 25, Hannah received an invoice...

Question 9

Ristorante Italiano made payments of $5000 on March 29 and $3000 on April 7 to General Restaurant Supplies on an invoice for $11,870. The invoice was dated March 21 and carried terms of 1/10/20, n/30.
a) What is the balance after the second payment?
b) On what date is the balance due?

Accepted Answer

The answer of Ristorante Italiano made payments of $5000 on...

Question 10

A payment of $3000 on a $6000 invoice qualified for the larger cash discount in 3/10, 1/20, n30. What additional payment 18 days after the invoice date will settle the invoice?

Accepted Answer

The answer of A payment of $3000 on a $6000...

Question 11

Jake received an invoice for $2500 with terms 5/10, 2/30, n60. After one payment within the 10-day discount period, a second payment of $1057.37 within the 30-day discount period paid off the balance. What was the amount of the first payment?

Accepted Answer

The answer of Jake received an invoice for $2500 with...

Question 12

For a given dollar amount of markup, which will be the larger number: the rate of markup on cost or the rate of markup on selling price? Explain.

Accepted Answer

The answer of For a given dollar amount of markup,...

Question 13

An item that costs a store $152.50 is marked up by $47.45. Determine: a. The rate of markup on cost b. The rate of markup on selling price

Accepted Answer

The answer of An item that costs a store $152.50...

Question 14

A retailer obtains a product at a unit cost of $51.30 and sells it for $79.90. Determine: a. The rate of markup on cost b. The rate of markup on selling price

Accepted Answer

The answer of A retailer obtains a product at a...

Question 15

Unit operating expenses for an item costing $30 are estimated at 40% of cost, and the desired operating profit is 25% of cost. Determine:
a. The selling price
b. The rate of markup on cost
c. The rate of markup on selling price

Accepted Answer

The answer of Unit operating expenses for an item costing...

Question 16

A retailer prices her goods to cover operating expenses at 30% of cost and to generate a profit of 20% of cost. For an item she buys from her wholesaler at $49, determine:
a. Its selling price
b. The rate of markup on cost
c. The rate of markup on selling price

Accepted Answer

The answer of A retailer prices her goods to cover...

Question 17

A merchant prices his inventory to allow for operating expenses at 30% of selling price and an operating profit of 20% of selling price. If an item is priced at $49.95, determine:
a. The rate of markup on selling price
b. Its cost
c. The rate of markup on cost

Accepted Answer

The answer of A merchant prices his inventory to allow...

Question 18

The price structure in a store is such that, for every $100 of sales, $40 is the cost the goods sold and $45 goes to overhead costs. For an item with a wholesale cost of $119, determine
a. It's selling price
b. The rate of markup on cost
c. The rate of markup on selling price
d. The operating profit on the item

Accepted Answer

The answer of The price structure in a store is...

Question 19

A men's clothing store marks up suits by 75% of cost. This provides an operating profit of 15% of the selling price. If a suit's cost to the store is $132, determine
a. It's selling price
b. The rate of markup on selling price
c. The operating profit

Accepted Answer

The answer of A men's clothing store marks up suits...

Question 20

A grocery store prices fresh produce at twice its cost to the store. Determine:
a. The rate of markup on cost
b. The rate of markup on selling price

Accepted Answer

The answer of A grocery store prices fresh produce at...

Quiz 4: Mathematics of Merchandising

An invoice for $2365.00 has terms 2/10, n30. The amount credited on a payment made within the discount period was $1365.00. What was the amount of the payment?

The terms of payment on an invoice for $2835.49 are 2/15, n45. The balance owed after a payment within the discount period is $1135.49. What was the amount of the payment?

On June 3, Josh made a payment of $500 on an invoice for $1283.50, dated May 25. The terms of payment were 3/10, n30. What amount was credited to Josh's account?

An invoice for $3868, dated June 26, had terms 2/10, 1/20, n45. What amount was credited for: a. A payment of $1000 on July 5? b. A payment of $1000 on July 16? c. A payment of $1000 on August 10?

Mayfair Distributors sent Bed 'n Bath an invoice dated December 23 for $5344.90 with terms 2/10, 1/20, n/30. The penalty on overdue accounts is 1 % of the overdue balance. a) What is the balance after a payment of $3000 on January 3? b) What additional payment on January 30 will settle the account?

Payments of $1000 on January 5 and $800 on January 16 were made on a $2500 invoice dated December 27. The terms on the invoice were 4/10, 2/20, n/45. What was the balance owed after the second payment?

On March 25, Hannah received an invoice in the mail from Carpet Country for $4235. The invoiced was dated March 22 and had terms 3/15, 1½ /30, n/60. If she made payments of $1000 on each of April 2, April 9, and April 22, how much did Hannah still owe?

Ristorante Italiano made payments of $5000 on March 29 and $3000 on April 7 to General Restaurant Supplies on an invoice for $11,870. The invoice was dated March 21 and carried terms of 1/10/20, n/30. a) What is the balance after the second payment? b) On what date is the balance due?

A payment of $3000 on a $6000 invoice qualified for the larger cash discount in 3/10, 1/20, n30. What additional payment 18 days after the invoice date will settle the invoice?

Jake received an invoice for $2500 with terms 5/10, 2/30, n60. After one payment within the 10-day discount period, a second payment of $1057.37 within the 30-day discount period paid off the balance. What was the amount of the first payment?

For a given dollar amount of markup, which will be the larger number: the rate of markup on cost or the rate of markup on selling price? Explain.

An item that costs a store $152.50 is marked up by $47.45. Determine: a. The rate of markup on cost b. The rate of markup on selling price

A retailer obtains a product at a unit cost of $51.30 and sells it for $79.90. Determine: a. The rate of markup on cost b. The rate of markup on selling price

Unit operating expenses for an item costing $30 are estimated at 40% of cost, and the desired operating profit is 25% of cost. Determine: a. The selling price b. The rate of markup on cost c. The rate of markup on selling price

A retailer prices her goods to cover operating expenses at 30% of cost and to generate a profit of 20% of cost. For an item she buys from her wholesaler at $49, determine: a. Its selling price b. The rate of markup on cost c. The rate of markup on selling price

A merchant prices his inventory to allow for operating expenses at 30% of selling price and an operating profit of 20% of selling price. If an item is priced at $49.95, determine: a. The rate of markup on selling price b. Its cost c. The rate of markup on cost

A men's clothing store marks up suits by 75% of cost. This provides an operating profit of 15% of the selling price. If a suit's cost to the store is $132, determine a. It's selling price b. The rate of markup on selling price c. The operating profit

A grocery store prices fresh produce at twice its cost to the store. Determine: a. The rate of markup on cost b. The rate of markup on selling price